HSBC Markets Multi-Currency Leveraged Senior Tranches

HSBC is marketing a series of leveraged super senior tranches denominated in euros, sterling and U.S. dollars.

  • 19 Aug 2005
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HSBC is marketing a series of leveraged super senior tranches denominated in euros, sterling and U.S. dollars. The three, five-year, single tranche deals have notionals of 200 million in each currency, and offer investors 10-times leveraged exposure to a portfolio of 125 predominately investment grade credits.

Jeff Jakubiak, managing director and head of structured credit products for Europe and Asia in London, said the deals are being marketed globally to investors looking for return from tight credit spreads. "They are aimed at our traditional CDO customer base that typically invests in mezzanine tranches," he said, adding the multi-currency platform will meet the needs of all potential investors. HSBC aims to raise 500 million in all three currencies.

The static CDOs feature time-dependent loss triggers, which Jakubiak said was more attractive to investors than spread-based triggers. "They are more transparent and easier to understand," he said. The loss trigger forces early unwind or additional note purchase by the investors when the accumulative annual portfolio default loss hits a set percentage. The limit increases every year, allowing for a higher leveraged exposure. The three notes have been given a preliminary rating of AAA by Standard & Poor's.

  • 19 Aug 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%